Stocks Jump as Oil, Banks Lead Gains

Stocks bounce on Friday, looking to end the week with a rally, as crude oil spikes and banking stocks recover after steep declines a day earlier.

Stocks were trading higher on Friday, looking to end the week with a rally, as crude oil spiked and banking stocks recovered after steep declines a day earlier.

The S&P 500 was up 1%, the Dow Jones Industrial Average gained 1.1%, and the Nasdaq climbed 0.64%.

Banks led markets higher on Friday after a heavy hit a day earlier. JPMorgan (JPM) led the Dow after CEO Jamie Dimon disclosed a purchase of 500,000 shares, worth more than $25 million. Deutsche Bank (DB) was also sharply higher after agreeing to buy back more than $5 billion in senior debt.

U.S. stocks spent the majority of Thursday with losses of more than 1% as investors grew skeptical that global central banks could rein in rampant volatility and soothe financial markets. The Dow fell 1.6%, or 255 points, bouncing from a 400-point loss earlier in the session.

U.S. retail sales climbed 0.2% in January, while core sales, excluding auto and gas, rose 0.6%. Lower gas prices were a major pressure on sales last month. December's retail sales were revised up to 0.2% growth from negative 0.1%.